The deal will help finance developer’s current and future projects including those along the Dubai Water Canal
Dubai developer Meydan Group has secured a $272 million Islamic financing facility from Abu Dhabi Islamic Bank (ADIB) to fund its projects in Dubai, the two companies said on Wednesday.
The deal was structured to meet Meydan’s financing objectives on the back of its ongoing District One Project, a masterplanned luxury residential neighborhood in Dubai’s Mohammed Bin Rashid City.
It will also help fund other of the group’s current and future projects, including those along the Dubai Water Canal. Dubai Islamic Bank and Al Hilal Bank were both mandated lead arrangers for the financing, which matures in December 2018.
Tirad Al Mahmoud, CEO of ADIB, said: “The deal] also evidences the results we are achieving through stepping up our corporate financing activity, with a particular focus on high-growth companies and the real estate sector.”
Saeed Humaid Al Tayer, chairman and CEO of the Meydan Group, said: “This facility assists in realizing our funding objectives to build strategic partnerships with local and regional financial institutions to continue our growth and enable us to fulfill our business strategy of linking the world with the Emirate of Dubai.”
Meydan Group is currently developing a number of projects in Mohammed Bin Rashid Al Maktoum City including the District Eleven and District One projects.
Originally published on www.arabianbusiness.com